Aadhaar enabled Payment System: AEPS.

## AEPS

AEPS.

AEPS stands for Aadhaar enabled Payment System. It is a payment service that allows a bank customer with a Aadhaar linked bank account to make basic transactions like fund transfer, balance enquiry, cash withdrawal, cash deposit, etc.

## Benefits of AEPS:

1. AEPS is easy to use & provides secure payment service.

2. No Fraud: Since AEPS is based upon individual biometric so there is no chance or fraud or non-genuine payments.

3. AEPS allows inter-operability across banks.

4. AEPS can increase the reach of financial services to underbanked & unbanked areas through BCs (Business Correspondents.

5. Disbursement of Funds: it allows the govt. to disburse funds in NREGA & other social sector schemes using Aadhaar authentication & thereby ensuring that it reaches the beneficiaries.

## About Aadhaar No.

12 digit unique no.

– it stores demographic & biometric of the resident with photograph

– it is issued by UIDAI (Unique Identification Authority of India) on behalf of GoI.

With Great Love,

Er. Amit Yadav

http://www.stayfoolish.in

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